COMPANY vs LLP |What is Limited Liability Partnership? | LLP | CSEET | CS Payal Popli

COMPANY vs LLP |What is Limited Liability Partnership? | CSEET | Legal Aptitude and Logical reasoning |CS Payal Popli #padhakulog #cseet #cseetvideolectures #cseetfreebatch #cseetexams #cseetfullsyllabus #legalaptitudeandlogicalreasoning #icsi #companysecretary #companiesact2013 #commercestudents This video might be useful for students preparing for - 11th Commerce 12th commerce boards CSEET(CS FOUNDATION ICSI) CA Foundation UGC NET COMMERCE LLB UGC NET LAW In this video- Teacher's Name - CS Payal Popli Topic - Distinction between company and Limited Liability Partnership (LLP) Chapter 4 -Elements of Company Law Subject - Legal Aptitude and Logical Reasoning CSEET (ICSI) Watch full syllabus of CSEET - Legal Aptitude and Logical Reasoning from our playlist -    • CSEET | CSEET Legal Aptitude | Legal Aptit...   Contact for Notes and Question Bank of CSEET- WhatsApp - 9630227777 Distinction between company and Limited Liability Partnership (LLP) LLP is an alternative corporate business form that gives the benefits of limited liability of a company and the flexibility of a partnership. LLP can continue its existence irrespective of changes in partners. It is capable of entering into contracts and holding property in its own name. LLP is a separate legal entity, is liable to the full extent of its assets but liability of the partners is limited to their agreed contribution in the LLP. Further, no partner is liable on account of the independent or un-authorized actions of other partners, thus individual partners are shielded from joint liability created by another partner’s wrongful business decisions or misconduct. Mutual rights and duties of the partners within a LLP are governed by an agreement between the partners or between the partners and the LLP as the case may be. The LLP, however, is not relieved of the liability for its other obligations as a separate entity. Since LLP contains elements of both ‘a corporate structure’ as well as ‘a partnership firm structure’ LLP is called a hybrid between a company and a partnership. LLP is a body corporate and a legal entity separate from its partners, having perpetual succession. LLP form is a form of business model which :(i) is organized and operates on the basis of an agreement.(ii) provides flexibility without imposing detailed legal and procedural requirements (iii) enables professional/technical expertise and initiative to combine with financial risk taking capacity in an innovative and efficient manner. A basic difference between an LLP and a company lies in that the internal governance structure of a company is regulated by statute (i.e. Companies Act) whereas for an LLP it would be by a contractual agreement between partners. The management-ownership divide inherent in a company is not there in a limited liability partnership. LLP have more flexibility as compared to a company. LLP have lesser compliance requirements as compared to a company. Connect with us- Instagram- https://instagram.com/padhaku_log?igs... Facebook-   / padhaku-log-101091301476679   Mail id- [email protected] Watsapp-9630227777 Telegram-9630227777 About us: Padhaku Log is a platform specially created for those students who live in remote areas and don’t have access to fancy coaching classes. A channel which wants to bring parity in knowledge level of all.